Report by estate agent finds ‘dramatic slump’ in spending and transactions, and ‘huge gap’ between London and rest of UKTen years on, the housing market is still feeling the after-effects of the credit crunch, with existing homeowners struggling to trade up, a doubling of typical first-time buyer deposits, and a “huge gap” between London and the rest of Britain, according to a new report.Property company Savills has found that the global financial crisis – which it considers to have started on 9 August 2007, when the French bank BNP Paribas froze three investment funds – is “still shaping the UK housing market” and will continue to cast its shadow over the sector for years to come. Continue reading…
Source : theguardian.com
Read more…Housing market still reeling a decade after financial crisis, Savills says
